Topline
Medical supply firm Medline’s stock price rose around 30% on Wednesday after debuting on the Nasdaq, after raising $6.26 billion on Tuesday for the largest initial public offering of the year.
Medline CEO Jim Boyle speaks before ringing the opening bell at the Nasdaq on Wednesday.
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Key Facts
Medline’s shares were trading at $37.91 on Wednesday afternoon, up 30% after opening at $35 per share.
The medical supplies distributor sold Class A common stock for $29 per share in its initial public offering on Tuesday.
Medline sold about 216 million shares on Tuesday, raising approximately $6.26 billion.
Surprising Fact
Medline’s IPO surpassed the previous largest IPO of the year: Chinese battery maker Contemporary Amperex Technology, or CATL, which raised about $5.3 billion in May. It’s also the largest IPO for an American company since electric car manufacturer Rivian’s IPO in November 2021, which saw the company raise $11.9 billion.